Is it time to bring text analytics in-house? A director of analytics at Visa, who is slated to speak at the 13th Annual Text Analytics Summit West in San Francisco next week, advises CIOs to consider these three questions before making a move.
Text analytics and the CIO don't ordinarily go hand-in-hand. Instead, the emerging field of text analytics, or the mining of text to derive business insights, is typically farmed out to experts. But if the business is serious about investing in tools and bringing the technology in-house, CIOs should be involved, according to Ramkumar Ravichandran, a director of analytics at Visa Inc. And the need to do so could come sooner than CIOs expect.
"We are at an inflection point. Things are changing," Ravichandran said. One notable trend driving interest in the technology is the now-ubiquitous nature of traditional analytics. "The competitive edge from having KPI-driven analytics is slowly going away," Ravichandran said. Companies that want to lead the charge are pushing beyond tradition and embracing more complex analytics capabilities.